The two are related, of course, to the extent that rising oil prices feed into inflation. Still, it’s helpful for investors to receive confirmatory signals from multiple asset classes of a particular outcome, in this case rising oil prices and higher inflation expectations.

At this juncture, it’s also noteworthy that gold – an obvious beneficiary of higher inflation expectations – is at the top of its multi-year trading range, but has not yet broken out of that range.

A sustained move higher inflation expectations could be the catalyst that pushes gold to multi-year highs too.